Our clients benefit from our ability to provide a broad spectrum of services to suit all their financial needs.
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PFM’s professional teams include experts in every major area of public finance.
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PFM serves the communities we live in, the schools our children attend, and the governments and non-profits institutions that serve our nation.
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PFM is the industry leader in virtually all segments of the municipal finance industry.
PFM actively serves as financial advisor for the City of Chesapeake, Virginia, assisting in the development and implementation of a financial plan for the U.S. Highway 17/Dominion Boulevard replacement bridge as a toll facility. This project continues more than a decade of successful planning and project implementation for the Chesapeake Toll System.
PFM was the financial advisor for the Chesapeake Expressway, Virginia’s first successful PPTA project. The financing plan included investment-grade non-recourse toll revenue bonds, as well as a tiered series of subordinate loans from VDOT and the City of Chesapeake, all governed by a comprehensive city-state agreement. PFM prepared the overall financing plans, led the credit rating process, ran the loan numbers and negotiated the loan agreements.
More recently, PFM, in conjunction with SDG, prepared a number of regional toll and project financial plans, working with the Hampton Roads Regional Planning Commission (the regional MPO), Virginia DOT and the City of Chesapeake to study six major projects as potential toll roads as well as regional funding sources. PFM’s conclusions helped to facilitate the adoption of legislation that created the Hampton Roads Transportation Authority and authorization for transportation-related taxes and fees to supplement major project toll revenues.
The prior work and studies have directly led to PFM’s ongoing work with the City for U.S. Highway 17/Dominion Boulevard, including an investment-grade credit assessment used for a TIFIA application. The plan of finance incorporates the original Chesapeake Expressway project into a toll enterprise system. The U.S. Highway 17 plan of finance contemplates parity senior lien toll revenue bonds, as well as a subordinate loan from the new Virginia Transportation Infrastructure Bank inserted prior to the third and fourth lien loans still outstanding on the system.
This history of toll project development and financing illustrates PFM’s creativity in bringing together multiple sources and financing techniques to create and expand a toll facility system.
These materials are based on factual information from actual projects that The PFM Group of companies has engaged in for a client. They are for general information purposes only and are not intended to provide specific advice or a specific recommendation. The results of individual projects will vary significantly depending upon the size and structure of each transaction, permitted investments, prevailing market conditions at the time of the transaction, and other events or circumstances beyond our control. Past performance does not necessarily reflect and is not a guaranty of future results. The information contained in these case studies is not an offer to purchase or sell any securities.